Cabinet needs to wake up and go back to the drawing board - economist

Finance Minister Pravin Gordhan addressed the 12th Numsa National Congress, despite the union leaving Cosatu.

Dr Iraj Abedian, chief executive for Pan African Holdings, takes a look at Pravin Gordhans's assessment of the year which he presented to the union saying we in for tough economic times.

The reality is no matter which sector we look at...creating sustainable jobs and increasing real output...the economy is stuck in what is known as low confidence, low output equilibrium.

Dr Iraj Abedian, chief executive for Pan African Holdings

He says nobody wants to invest, expand production or create new jobs because of this low confidence.

As we go from 2016 to 2017 that picture is not going to change by itself.

Dr Iraj Abedian, chief executive for Pan African Holdings

He says the economy needs external stimulation or intervention to snap out of it - and it has to come from the government policy sector.

The Cabinet has to literally go back to the drawing board. They have been fiddling along and being completely irresponsibly inconsistent over the past 8 or 9 years.

Dr Iraj Abedian, chief executive for Pan African Holdings

Listen to Dr Abedian explain what needs to be done to snap the economy out of low confidence phase:

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